Strong decline in US oil inventories

U.S. crude inventories fall by 3.3 million with an expected decline of 0.95 million and with a previous decline of 3.3 million barrels.

Gasoline inventories fall by 1.2 million barrels with an expected decline of 1 million and with a recent decline of less than 0.03 million.

Distillate inventories rise by 0.1 million with an expected decline of 0.75 million and with a previous decline of 0.661 million barrels.

Despite such a large decline in inventories, oil is reducing the earlier rebound. Oil may end the month as one of the worst this year, even though we have recently seen Brent back to $100.

However, the declines may be linked to new reports that the EU expects a nuclear deal to be signed soon. OPEC+'s recent rhetoric about cutting production has diminished, but if an agreement with Iran were to happen, more turmoil can be expected in the oil market.

Source: xStation5

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